Presentation Transcript

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The business activity of presenting
products or Services
in such a way as to make them
desirable PRODUCT MARKETING By Saima Yasmin Khan
2008.MS.EM.05 MSc .Engineering Management, Deptt. Of IME
University of Engineering & Technology, Lahore, Pakistan

Presentation Overview :

Role of product marketing :

Role of product marketing Product marketing in a business addresses four important strategic questions:
What products will be offered (i.e., the breadth and depth of the product line)?
Who will be the target customers (i.e., the boundaries of the market segments to be served)?
How will the products reach those customers (i.e., the distribution channels to be used)?
Why will customers prefer our products to those of competitors (i.e., the distinctive attributes and value to be provided)?

The Marketing Concept :

The Marketing Concept The marketing concept is the philosophy that firms should
analyze the needs of their customers and then make decisions
to satisfy those needs, better than the competition. 1. Focusing on customer needs before developing the product 2. Aligning all functions of the company to focus on those needs 3. Realizing a profit by successfully satisfying customer
needs over the long-term

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1. Specific :Be precise about what you are going to achieve 2.Measurable :Quantify your objectives 3.Achievable :Are you attempting too much? 4.Realistic : Do you have the resource to make the objective happen
(men, money, machines, materials, minutes)? 5.Timed : State when you will achieve the objective (within a month 2. Marketing Objectives SMART objectives

3. Marketing Strategy :

3. Marketing Strategy Describe your target market
Which segment?
How will we target the segment?
How should we position within the segment?
Why this segment and not a different one? (This will focus the mind).
Define the segment in terms of demographics and lifestyle.
Show how you intend to 'position' your product or service within that segment. strategic marketing decisions

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The selected strategy may aim for any of a variety of specific objectives, including
optimizing short-term unit margins
revenue growth
market share
long-term profitability,
or other goals Targets of marketing strategy

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To achieve the desired objectives, marketers typically identify one or more target customer segments which they intend to pursue. Customer segments are often selected as targets because they score highly on two dimensions:
The segment is attractive to serve because it is large, growing, makes frequent purchases, is not price sensitive (i.e. is willing to pay high prices), or other factors.
The company has the resources and capabilities to compete for the segment's business, can meet their needs better than the competition, and can do so profitably.
The implication of selecting target segments is that the business will subsequently allocate more resources to acquire and retain customers in the target segments than it will for other, non-targeted customers.

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In conjunction with targeting decisions, marketing managers will identify the desired positioning they want the company, product, or brand to occupy in the target customer's mind. This positioning is often an encapsulation of a key benefit the company's product or service offers that is differentiated and superior to the benefits offered by competitive products.
For example, Volvo has traditionally positioned its products in the automobile market in North America in order to be perceived as the leader in "safety", whereas BMW has traditionally positioned its brand to be perceived as the leader in "performance."
Ideally, a firm's positioning can be maintained over a long period of time because the company possesses, or can develop, some form of sustainable competitive advantage. The positioning should also be sufficiently relevant to the target segment such that it will drive the purchasing behavior of target customers.

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The 4 P's of Marketing
Marketing decisions generally fall into the following four controllable categories:
Product
Price
Place (distribution)
Promotion These four P's are the parameters that the marketing manager can control,
subject to the internal and external constraints of the marketing environment.
The goal is to make decisions that center the four P's on the customers in the
target market in order to create perceived value and generate a positive
response. 4. The Marketing Mix Decisions

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Brand name Functionality Styling Quality Safety Packaging Repairs &
Support Brand Warranty Accessories &
services The term "product" refers to tangible, physical products as well as services.
Here are some examples of the product decisions to be made: PRODUCT 1.Product Decisions

4.Promotion Decisions :

4.Promotion Decisions In the context of the marketing mix, promotion represents the various
aspects of marketing communication, that is, the communication of
Information about the product with the goal of generating a positive
customer response. Promotional strategy
(push, pull, etc.) Personal selling
& sales force Marketing
communications
budget Sales promotions Public relations
&
publicity Advertising Marketing
communication
decisions include

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At this point in the process, the marketing plan has been developed and the product has been launched.
Results of the marketing effort should be monitored closely. As the market changes, the marketing mix can be adjusted to accommodate the changes.
Often, small changes in consumer wants can addressed by changing the advertising message.
As the changes become more significant, a product redesign or an entirely new product may be needed.
The marketing process does not end with implementation - continual monitoring and adaptation is needed to fulfill customer needs consistently over the long-term. 5. Implementation and Control

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Start-up costs Monthly budgets Sales figure Market share data Consider the cycle
of control Remember that there is no planning without control. Control is vital 5. Marketing Controls

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The market success of any existing or new product is based on strong marketing to create and communicate meaningful customer value.
A comprehensive structure of advertising, public relations development and product marketing strategies is required to build the life-support system for the product success.